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<br />Ordinance No. NS-XXX <br />Page 10 of 14 <br /> <br /> <br /> <br /> (5) No city, housing authority, or public funds, subsidies, or participation <br />of any kind shall be expended on the production or building of any inclusionary housing <br />projects associated with meeting the inclusionary unit requirement. <br /> <br /> (d) Timing of construction. All inclusionary units in a residential project or <br />proposed off-site new inclusionary units or rehabilitated units shall be constructed <br />concurrent with, or before the construction of the market rate units. If the city approves a <br />phased project, a proportional share of the required inclusionary units shall be provided <br />within each phase of the residential project. <br /> <br /> (e) Units for sale. <br /> <br /> (1) Time limit for inclusionary restrictions. A unit for sale shall be <br />restricted to the target income level group at the applicable affordable housing cost in <br />perpetuity. <br /> <br /> (2) Certification of purchasers. The developer and all subsequent <br />owners of an inclusionary unit offered for sale shall certify, on a form provided by the <br />city, the income of the purchaser and that such owners will live in such inclusionary unit <br />as their primary residence. <br /> <br /> (3) Resale price control. In order to maintain the availability of <br />inclusionary units required by this article, the resale price of an owner occupied <br />inclusionary unit shall be limited to the lesser of the fair market value of the unit as <br />established by a licensed real estate agent based upon three (3) comparable properties <br />or the restricted resale price. For these purposes, the restricted resale price shall be the <br />applicable affordable housing cost. <br /> <br /> (4) Inheritance of inclusionary units. Upon the death of an owner of an <br />owner-occupied inclusionary unit, title in the property may transfer to the surviving joint <br />tenant or heir (in the case of the death of a sole owner or all owners of the household). <br /> <br /> (5) Forfeiture. If an inclusionary unit for sale is sold for an amount in <br />excess of the resale price controls required by this section, the buyer and the seller <br />shall be jointly and severally liable to the city for the amount in excess of the affordable <br />housing cost at the time of such sale of the inclusionary unit. Recovered funds shall be <br />deposited into the inclusionary housing fund. Notwithstanding the foregoing, city may <br />allow the buyer and seller to cure any violation of the resale price controls within one <br />hundred eighty (180) days. <br /> <br /> (f) Rental units. <br /> <br /> (1) Time limit for inclusionary restrictions. A rental inclusionary unit shall <br />remain restricted to the target income level group at the applicable affordable housing <br />cost in perpetuity.